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Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Share-based Compensation Expense

Share-based compensation expense reported in the Company’s condensed statements of operations was (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct costs and expenses

 

$

25

 

 

$

20

 

 

$

90

 

 

$

54

 

Research and development

 

 

108

 

 

 

110

 

 

 

291

 

 

 

240

 

Sales, marketing, general and administrative

 

 

920

 

 

 

1,385

 

 

 

2,683

 

 

 

5,079

 

Total

 

$

1,053

 

 

$

1,515

 

 

$

3,064

 

 

$

5,373

 

Summary of Stock Option Activity

Stock option activity during the nine months ended September 30, 2025, excluding the Bonus Option Program described below, was (in thousands, except weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding - January 1, 2025

 

 

208

 

 

$

49.74

 

 

 

7.7

 

 

$

718

 

Granted

 

 

148

 

 

 

16.50

 

 

 

 

 

 

 

Forfeited/canceled

 

 

(24

)

 

 

43.66

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding ‑ September 30, 2025

 

 

332

 

 

$

34.20

 

 

 

8.0

 

 

$

27

 

Exercisable ‑ September 30, 2025

 

 

150

 

 

$

46.74

 

 

 

6.9

 

 

$

18

 

Summary of Restricted Stock Units Activity

Restricted stock unit activity during the nine months ended September 30, 2025 was (in thousands, except weighted average grant date fair value per share):

 

 

Number of Shares

 

 

Weighted Average
Grant Date Fair Value Per Share

 

Outstanding ‑ January 1, 2025

 

 

188

 

 

$

36.84

 

Granted

 

 

63

 

 

 

13.60

 

Forfeited/canceled

 

 

(1

)

 

 

44.65

 

Released

 

 

(35

)

 

 

37.05

 

Outstanding ‑ September 30, 2025

 

 

215

 

 

$

29.83

 

 

Bonus-To-Options Program  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity As part of the Bonus Option Program, the Company recorded the following activity during the nine months ended September 30, 2025 (in thousands, except weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding ‑ January 1, 2025

 

 

68

 

 

$

40.84

 

 

 

8.0

 

 

$

35

 

Granted

 

 

36

 

 

 

18.42

 

 

 

 

 

 

 

Forfeited/canceled

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding ‑ September 30, 2025

 

 

104

 

 

$

33.15

 

 

 

8.0

 

 

$

 

Exercisable ‑ September 30, 2025

 

 

104

 

 

$

33.15

 

 

 

8.0

 

 

$